Obviously, everyone could use some extra cash all the time. However, when you’re trying to eliminate credit card debt, you’ll need to tap every source of extra money available. This will boost your ability to pay down interest and reduce the principal of your debt as fast as possible. Here are some common and not-so-common ways to generate additional funds.
Generating Extra Cash
There are a number of ways to bring in extra money. You’ve probably heard of many of these methods, but maybe you forgot about some of them. Other sources of revenue are less common but are great debt reduction options nonetheless.
Popular Ways to Generate Cash
- Sell Your Stuff – This is the oldest and easiest way to bring in extra cash. Yard sales are easy to organize, or you can just list things on Craigslist. Either way, you can swap stuff for extra funds in no time.
- Sell Your Time – Whether picking up a part-time job or doing yard work for neighbors, time is money. Sacrificing your downtime is tough, but it will help you get out of debt quicker.
- Ask For a Raise – If you’ve been with a company for a long time without a wage increase, there’s no reason not to politely inquire about a raise. There is a risk here, but leveraging your good relationship with a supervisor can pay off big time.
Outside the Box Cash Sources
- Freelancing – If you’ve got marketable skills like writing or graphic design, there are places to offer your services in exchange for money. Websites like Elance.com or Upwork.com provide tools for building a profile to highlight skills and quickly connect freelancers to clients.
- Selling Crafts – Do you knit, sew, or have another hobby where you make decorative or useful items? Consider increasing production and selling your wares online, at local markets or crafts fairs.
- Science! – If you are truly willing to do anything to reduce credit card debt, you can sell genetic material like plasma, or sign up for research studies to get extra cash. Be sure to look into the details before committing to anything in this category.
There are a number of other ways to earn extra income. No matter what kinds of skills or services you can offer, chances are there is a market for it either online or in your community. Researching your options and dedicating yourself to bringing in more cash is the best way to speed up the debt reduction process.
If you’re trying to pay off debts but can’t seem to make any progress, contact American Consumer Credit Counseling to learn about credit card debt consolidation. Call 800-769-3571 to speak with a certified credit counselor, and receive a free credit counseling session.